Nanjing, a Chinese City Launches $1.5 Billion Blockchain Fund

Nanjing, a Chinese City Launches $1.5 Billion Blockchain Fund

Nanjing, the capital of the Chinese province of Jiangsu, has launched a CNH 10 billion (USD 1.48 billion) blockchain investment fund to promote the token economy and public blockchain projects. The $1.48 billion fund was announced at the inaugural Industrial Public Chain Summit (IPCS). The fund was created in conjunction with the Zhongguancun Blockchain Industry

Nanjing, the capital of the Chinese province of Jiangsu, has launched a CNH 10 billion (USD 1.48 billion) blockchain investment fund to promote the token economy and public blockchain projects.

The $1.48 billion fund was announced at the inaugural Industrial Public Chain Summit (IPCS). The fund was created in conjunction with the Zhongguancun Blockchain Industry Alliance, which includes government agencies amongst its members.

The objective is to find new blockchain technologies in cross-border platforms, content, health care, energy, intellectual property and environmental protection.

The city of Nanjing will also provide incentives for blockchain businesses to physically relocate to the city.

According to Yuandao, chairman of Zhongguancun Blockchain Industry Alliance, “industries adopting blockchain technology will bring about countless more chains, which in turn will bring more technological breakthroughs”.

The summit was attended by Luo Qun, deputy secretary of the Communist Party of China in Nanjing, among other high-level local government officials.

Despite its outlawing of many aspects of the cryptocurrency industry, blockchain technology is booming in China and has the support of the government.